Is Xiaomi loan legal and formal?

Legal and formal. Because Xiaomi Loan is a product of Xiaomi Finance, an Internet finance company under Xiaomi Group, and Xiaomi Group is a formal company registered by Beijing Haidian District Market Supervision Administration and has a legal business license. On September 201May 16, Xiaomi Finance released the credit product "Xiaomi Loan" and conducted the first batch of public beta.